USA400H1 Lecture Notes - Lecture 1: Clean Power Plan, Externality, Market Power

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4 May 2021
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Where does expertise leave off an politics staart. Market and government are two large forces. Medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange. This type of market may eietheer be a physical marketplace where people comee together to exchange goods and services in person, as in a bazaar or mall, or in a virtual market where buyers and sellers do not interact. In advertising among schools, the sellers are children"s attention and the buyers are the advertisers. In turn, the advertisers use the purchased" attention to sell products to children and parents, who are the buyers (in another venue, like a mall or on amazon) Von hayek: by ignoring market prices, socialism deprives individuals of their unique contribution to society to express through their willingness to pay a price, their opinion of the worth of a value of service.

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